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Financial services giant J P Morgan Chase is learnt to have bought around 4% stake in Delhi-based realty firm BPTP for Rs 250 crore through the preferential equity route. This is the second investment by any international financial investor in BPTP, after Citigroup realty arm Citigroup Property Investors picked up an equity stake of 5.89% for Rs 322.50 crore last year. The Citigroup deal had valued BPTP at Rs 5,466 crore. But with the recent land acquisition and launch of new projects, the company's valuation has gone up. With the help of the latest investment by J P Morgan Chase, BPTP has been able to complete the payment of the first instalment for Rs 5,006-crore Noida deal, India's most valued land transaction. "We have fulfilled the commitment made to Noida authority," a BPTP official said, confirming the payment. BPTP paid Rs 1,296 crore as first instalment, comprising a principal amount of Rs 1,250 crore plus interest for late payment. BPTP had received 90-day extension ending July 12 for the payment of the first instalment, although with an interest payment of 14% on the outstanding amount. The company is supposed to make the rest of the payments in sixteen six-monthly instalments alongwith an interest of 11% compounded annually on the due amount. BPTP had outbid bigger rivals DLF, Omaxe and Ansals to win the Noida land deal in March this year. In order to fund the Noida land deal, BPTP had earlier raised $160 million through 40% stake sale in its four SEZs. Last year, Merrill Lynch had invested Rs 112 crore in a joint venture with a group company of BPTP to develop an IT project in Gurgaon. Meanwhile, BPTP has started work on its Noida project. It has tied up with international consultants, including London-based Fosters + Partners for architecture, UK-based Wordsearch for Communication and Branding, WS Atkins Intelligence for traffic management and Ados for landscaping of its Noida project. The company plans to build 14 millions sq ft of construction area with a 4 millions sq ft of retail space and four hotels and serviced apartments. The total cost of construction for the project is estimated to be around Rs 4,500 crore. Courtesy:- ET dtd:- 10th July 2008